HSBC signs deal with Algeria BEA.

Author:Rosenberg, Anna
Position:AFRICAN BANKER'S WORLD - Hongkong and Shanghai Banking Corporation Ltd. - Brief article
 
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The External Bank of Algeria (BEA) and HSBC signed a cooperation agreement in Algiers providing funding for large Sonatrach and Sonelgaz projects. Sonatrach, Africa's biggest firm by revenue, generates about $1bn a week. The company plans to spend a total of over $2obn on pipelines, gas and petrochemical plants and upstream oil and gas developments. Rachid Sekak, HSBC's Algeria CEO, said "All the big projects will be financed locally in local...

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